External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We maintain our target price (TP) at VND102,800/share and reiterate our BUY rating. </li><li>In this Update Report, we reduce the projected net debt in our SoTP valuation for MSN by 20% to VND24tn (USD932mn) due to the full receipt of USD250mn of equity raised from Bain Capital in April 2024 and USD134.5mn from selling 100% of H.C. Starck (HCS) to Mitsubishi Materials Corporation (MMC) by YE 2024.</li><li>We also increase our valuation for Masan Consumer Corporation (‘MCH UpCOM’) by 2% to reflect its better-than-expected results in H1 2024. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our target price (TP) at VND102,800/share and reiterate our BUY rating. In this Update Report, we reduce the projected net debt in our SoTP valuation for MSN by 20% to VND24tn (USD932mn) due to the full receipt of USD250mn of equity raised from Bain Capital in April 2024 and USD134.5mn from selling 100% of H.C. Starck (HCS) to Mitsubishi Materials Corporation (MMC) by YE 2024.We also increase our valuation for Masan Consumer Corporation (‘MCH UpCOM’) by 2% to reflect its better-than-expected results in H1 2024. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MSN [BUY +36.7%] - Upbeat Consumer Earnings; Downscaling Non-Core Business - Update

Masan Group

MSN [BUY +36.7%] - Upbeat Consumer Earnings; Downscaling Non-Core Business - Update